Svetlana Kardan is a senior Asset-Liability Management and Treasury Risk professional with over 20 years of experience spanning liquidity risk, IRRBB, balance-sheet management, and regulatory engagement across global banking institutions. Formerly Group Head of IRRBB, Stress Testing and Funding Risk at HSBC, she led enterprise-wide interest-rate risk measurement, NII/EVE forecasting, and multi-jurisdictional regulatory engagement with the PRA, FCA, ECB/EBA and others.
She has held senior ALM advisory roles working with multiple banks to establish hedging frameworks, Funds Transfer Pricing methodologies, and Treasury operating models, and earlier in her career established the ALM desk at Commercial Bank of Qatar, implementing end-to-end ALM infrastructure including replicating portfolios. Her expertise spans the full spectrum of balance-sheet risk — behavioural modelling, deposit analytics, structural hedging, prepayment and option risk, and liquidity stress testing under both Basel III/IV and UK regulatory frameworks. She has sponsored transformation programmes with budgets exceeding £100 million.
She delivers treasury and risk masterclasses at conferences including Risk Live, Risk Evolve and RiskMinds, and runs IRRBB and liquidity masterclasses for Risk.net and marcus evans.
Research
She is a DBA candidate at the University of Gloucestershire, where her research focuses on non-maturity deposit modelling — the specific technical problem at the heart of both IRRBB and liquidity risk.
The Psychology of Treasury is her six-volume practitioner series on why treasury decisions go wrong — not because of bad data or weak regulation, but because of how people reason under pressure. The series name is a registered trademark. Volume 1 publishes in October 2026.